Brent Crude (Brent) Declines 1.12% in Worst Quarter Since 2020

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Brent crude (Brent) dropped 1.12% to $70.77, while U.S. West Texas Intermediate crude futures fell 1.33% to $67.67 a barrel. The decline is attributed to easing tensions between the U.S. and Iran, as negotiations in Doha reportedly show progress. Brent has experienced a nearly 40% decrease this quarter, marking its worst quarterly performance since 2020, according to LSEG data. Investor sentiment is cautiously optimistic, factoring in potential normalization of oil supplies from the Persian Gulf following diplomatic efforts.